President Donald Trump is scheduled to interview Federal Reserve Governor Christopher Waller on December 17, 2025, as a potential successor to Jerome Powell for the Fed Chair position. Waller's term would begin when Powell's ends in May 2026. This development is being closely watched by cryptocurrency markets due to Waller's known pro-crypto stance and advocacy for lower interest rates.
Waller, originally appointed to the Fed board by Trump in 2020, has been a leading voice advocating for rate cuts. He was one of the few Governors to dissent earlier in the year in favor of lowering rates, a position that reportedly caught Trump's attention. The President has been critical of current Chair Jerome Powell, labeling him "too slow" in reducing rates, and is eager for a change in leadership.
The potential appointment is seen as a welcome move for the crypto industry. Caitlin Long, founder and CEO of Custodia Bank, stated that Waller "could usher in master accounts for crypto companies" and is "one of the key architects of this at the Fed." Waller has publicly supported cryptocurrencies, mentioning stablecoins as a viable payment method and stating, "The Fed is entering a new era in the payments sector, where the DeFi industry is no longer doubted or underestimated." He has also remarked that "Stablecoins represent a new form of private money that will coexist with other payment tools."
However, Waller is considered an underdog in the selection process. According to the Wall Street Journal, he lacks the close personal relationship with Trump that other candidates possess. Prediction markets currently give former National Economic Council director Kevin Hassett a 53% probability of nomination, followed by former Fed governor Kevin Warsh at 29%, with Waller at 15.3%. Some Trump allies view Waller's support for a September 2024 rate cut before Trump took office as an act of disloyalty.
The broader context involves significant monetary policy shifts. The Fed has executed three rate cuts in both 2024 and 2025, with the most recent on December 10, bringing the federal funds rate down from a peak of 5.5% to 3.75%. Economists and the President still consider this level too high. Analysts like David Waddell, CEO of Waddell & Associates, predict that Trump will replace Powell with a "dove," leading to "a lot of monetary stimulus" and "a lot of fiscal stimulus." Treasury Secretary Scott Bessent indicated Trump will likely announce his decision in early January after completing interviews this week and next.
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